Exchanges Started Testing Deposits With TRON (TRX)

Last Updated on Jul 5, 2018 at 15:05

Momentarily, all new Tron (TRX) withdrawals are executed cautiously, but major exchanges have begun testing their wallets with the new token.

Exchanges have considered the TRON (TRX) network safe and stable enough to be tested with deposits, or even withdrawals. But for now the process is slow, and there are words of warning against mixing up the two sets of TRX tokens. The TRX digital assets that were issued on the Ethereum network are incompatible with the new mainnet tokens.

“TRON mainnet upgrade has been completed. Deposit will be available from July 4, 6PM (GMT+8). TRON withdrawal service has been disabled, kindly stay tuned to our announcement for updates.”

— Huobi Pro (@Huobi_Pro) July 4, 2018

OKEx has restarted for the new assets both deposits and withdrawals. Binance has postponed TRX deposits and withdrawals, after encountering problems with irregular trades in a number of coins, particularly Syscoin (SYS).

For days the transfers of TRX coins went at a very slow pace, with just a few transactions being executed. Now, the number of transactions reached a few thousand per day, still low in comparison with Ethereum’s network activity. But due to the incorporation of distributed apps and use cases for TRX, it is expected that network activity will increase.

The TRON network is still governed mainly by servers, having elected just three Super Representatives. The elections are still continuing via the TRON wallet, and voting may pick up its pace as more tokens are issued.

Regarding market prices, the situation is not all that favorable, seeing as the network just launched and the enthusiasm for TRX is at its lowest. Trading volumes have dwindled down to $100 million in 24 hours, and the price has stagnated just below the $0.04 mark.

Tether (USDT) trading covers 32% of TRX volumes, but Bitcoin pairings still are the most traded, with 40% of volumes. TRX is currently also descending when it comes to BTC prices, and the combination of factors are keeping the price stationary.

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